In what could he rald a bounceback for the re alty sector, Piramal Agastya a special purpose vehicle o billionaire Ajay Piramal-ow ned conglomerate, has borro wed about `700 crore in loa syndication with Standar Chartered Bank being the le ad banker.

The loan is of four years charging an interest rate i the range of 11-12% as it look to complete a project in com
mercial real estate, three people familiar with the matter told ET.

In an email response, Piramal group confirmed the matter. “We have a sanction for a loan of `700 crore, which represents the financial closure of funding for phase 1 of a world class office project being developed by PRL Agastya, a SPV of Piramal Realty,“ the company said.

“This project is designed by Callison of USA and is being constructed by L&T.“

Standard Chartered Bank has declined to comment on
the matter. Piramal Agastya is a brand new large commer cial project in north central Mumbai's growing commer cial hub at Kurla.

Standard Chartered Bank has kept half the loans in its book, while the lender is looking out to sell down the rest to other lenders, said one of the persons who has been cited above.

The company is also expecting revenue of around `8,000 crore over the next four to five years from the project, Piramal Group executive director Anand Piramal had said.